F&O Market Recap for 31 January 2022

Index Action 

Nifty50

The Nifty50 traded with steady gains as the Finance Minister tabled the Economic Survey ahead of the Union Budget. It dipped due to minor profit-booking towards the end but closed comfortably above the 17,300 mark. It ended the day 237 points higher at 17,339.  

The Nifty50’s monthly options expiring on February 24 are scattered and have sizable positions at 18,000 and 18,500 call options and 16,500 and 17,000 put options. 

The Nifty50’s weekly options expiring on February 3 have sizable positions at 18,000 and 17,900 call options and 17,300 and 17,000 put options. 

As per the options data, the broad range for the Nifty50 is between 16,400 and 18,000 levels. Its immediate support is at 16,900 and resistance is at 17,600 levels.

Bank Nifty

The Bank Nifty had a steady range-bound second half. PSU Banks continued to outperform their private peers, and the index climbed 285 points to end the day at 37,975.

The Bank Nifty’s monthly options expiring on February 24 are scattered and have sizable positions at 39,000 and 40,000 call options and 36,000 and 37,000 put options. 

The Bank Nifty’s weekly options expiring on February 3 have sizable positions at 39,000 and 39,500 call options and 38,000 and 37,000 put options. 

As per the options data, the broad range for the Bank Nifty, is between 36,300 and 39,800 levels. Its immediate support is at 37,100 and resistance is at 38,500 levels. 

Stock Action

Today’s top gainers were Info Edge, Mindtree, Birlasoft, L&T Infotech and Canara Bank. 

Today's top losers were IndusInd Bank, Atul Ltd, Kotak Mahindra Bank, Vedanta and UPL. 

Sector Update 

Among the Nifty sectoral indices, Realty, PSU Banks, and  IT were the top gainers. Stocks like Godrej Properties, DLF, Canara bank, SBI and Mindtree closed in the green.

No major sectoral index closed in the red. 

Major News 

Finance Minister Nirmala Sitharaman tabled the economic survey, which projected India's growth rate in the range of 8-8.5% for 2022-23. The survey has projected a GDP growth rate of 9.2% for the current fiscal (2021-2022).